CNBC: BlackRock CEO Larry Fink Advises China Govt on Stock Volatility

BlackRock Chief Executive Officer Larry Fink traveled to China in August to advise the Chinese government on how to handle stock market volatility, CNBC reported on Wednesday, citing sources.

The Chinese government invited Fink to consult them on the situation, according to the CNBC report.

A BlackRock spokesman declined to comment.

This would not be the first time that government officials have turned to Fink for advice. Last October, U.S. Treasury officials turned to Fink for guidance after a flash crash in the U.S. Treasury market.

BlackRock Inc, the world's largest asset manager, is ramping up its investments in China across the board. The firm is looking to increase its China real estate portfolio exposure and has been snapping up shares of Chinese companies listed on the Hong Kong exchange after the recent declines.

On Monday, the firm secured an additional $400 million quota to invest in Chinese markets, in one of the largest one-time approvals granted by the authorities to invest in the mainland.

The Chinese stock market has fallen over 40 percent since mid-June, prompting a volley of government measures including pushing domestic investors to buy shares, questioning them over trading strategies and a probe into market volatility that has elicited public confessions of wrongdoing from brokers, a regulator and a journalist.